It is reported that Apple is accelerating the production of its first MR headset product, Vision Pro, in preparation for its release in February next year. The product was released in June 2023 and priced at $3499. CITIC Securities believes that the release of Apple's first head display product is an important node in its core strategy extending from office terminals and mobile computing to spatial computing. The first generation products have outstanding innovation in hardware such as chips, displays, and interactions, and are expected to promote both B-end and C-end applications simultaneously, breaking through the application limitations of traditional VR products. In the medium to long term, we continue to be optimistic about the iteration of Apple's head display products and their leading role in the VRAR industry. It is recommended to pay attention to investment opportunities in core components and equipment in the industry chain.